Selling a Home this Spring? 4 Common Mistakes to Avoid
Selling a home is a complex process, and when carried out in haste, there's much room to make critical mistakes that cost home sellers time and money.
Here are four of the most common mistakes made by home sellers:
1. Not hiring a real estate agent - Having a real estate agent is crucial especially if you have never sold a home in your life. Without hiring a real estate agent, you risk losing a competitive advantage in the market and not getting what you deserve for your home. Look into some advantages of using an agent to sell your home!
2. Setting the wrong price point – It is tempting for someone selling a home to ask for more than the value of the house in an effort to get more money from the sale. This strategy often times backfires and homes that are overpriced from the start of the process usually sell for less than market value. Price your home at what you believe it is worth and start the negotiation process from there.
3. Not staging homes well – The better your home looks, the more likely buyers are to fall in love with the space. Too often, when families are selling a home, they show off their chaotic state of mind through clutter and junk, making the home look less attractive to potential buyers.
4. Hiding problems or home damage – Hiding damages to the house in the short-term will only come back to haunt you in the long run. Homes must go through inspections before the sale is final and if you hide damages, the buyer could pull out at the last minute leaving you out time and money.
If you are a home seller, you know that there is a lot that goes into getting your property off the market and into the hands of the right buyer.
To help get the most out of your next sale, here are five tips you must know.
1. Sell before you buy – As a home seller, you already have an enormous amount of pressure over your shoulders to sell your property at the right price and to the right buyer. There is a lot that goes into a transaction of this size. If you sell your home before you buy, you are in a better position to make important decisions than if you are rushing to get your old house off the market in order to move into your new home. Keep in mind that you don't want to sell your home too soon before you buy either.
2. Talk to your lender – The way prices of homes and mortgage rates are calculated can be confusing. Talk to your lender to get a better understanding of what you need to pay off, and what you to expect in terms of financing on a home.
3. Set the scene – You want your home to look its best when people walk in. Spend some time to set a cozy and comfortable scene so that buyers get an instant warm feeling when they visit your house.
4. Avoid the stress of a FSBO – Real estate agents are there to make your life easier. As a home seller, hiring professional help from the very beginning can save you significant stress in the long run. If you have no experience in selling real estate, a FSBO may not be the right choice for you.
5. Toss in some extras – Homebuyers love getting a good deal. If you are not ready to lower the price on your home, try tossing in some extras, such as a television set or washing machine, to give the buyer a sense that they got a great deal.
Throughout the home sale process, keep these tips in mind so that you can make your transition from one house to another as easy and carefree as possible.